Managing your money more effectively is a valuable life skill that we all need. Postbank recommends a few simple steps:
Compile a budget: A step by step plan to pay all your expenses/ bills from the income you receive for a given length of time.
Compile a financial dream sheet – set realistic goals and determine your financial milestones in the short, medium and long term. (Your needs and wants will determine your financial goals).
Understand your financial net-worth – subtract your total liabilities from your total assets to determine your net worth.
Ensure that you plan for fixed and variable expenses, once-off and annual expenses. Plan to pay off your debt. (Your expenses need to be less than your income).
Pay yourself first. Start saving today. Set some money aside for saving in your monthly budget. Try to save at least 10% of your net salary/wage.
Establish an emergency fund - have enough money in your account to cover 5 - 6 months of your living expenses. This money can help you to survive a disaster such as ill health or retrenchments. An emergency fund should be easily accessible and not subject to long notice periods.
Getting the most out of your Postbank account:
Remember you can save money on certain withdrawals. It is much more affordable to draw cash from selected retailers than it is to draw cash from a Post Office branch.
Whilst it is convenient using your Postbank card at other bank's ATMs, try to avoid doing this as there is an extra charge. Avoid using your Postbank account at another bank’s ATM.
Make use of your Aspire Youth Debit Card. Using your debit card is easy, convenient and safe. Avoid carrying unnecessary cash and pay for goods using your Aspire youth debit card.
Your hard-earned money is important. Remember to keep you debit card safe and never share your Personal Identification Number (PIN) with anyone.